FTC to Host Workshop | Time to Educate the Masses on Crypto Scams


Crypto scams go hand in hand with the cryptocurrency market. In fact, as the interest in the crypto market increases so do the number of crypto scams. It’s a growing problem, but that doesn’t mean people aren’t working towards solving it. The Winklevoss twins are trying, as is Martin Lewis – a British journalist who filed a lawsuit against Facebook for allowing his name to be used in crypto scams on the platform.

Crypto Scams – The FTC Wants to Educate People

Earlier this week, the US Federal Trade Commission (FTC) announced that it is planning to host a workshop next month. The workshop will focus on educating the masses about crypto scams and fraud. It will be called “Decrypting Cryptocurrency Scams.” According to the press release, the event is in line with the work the FTC is currently doing. As of right now, there are no changes, and the workshop will be held in Chicago on June 25. If you’re interested but can’t make it, note that there will be a live webcast of the workshops. 

So, here’s what we know about the workshop so far: there will be both consumer groups, law enforcement, and research organizations at the workshops, examining how crypto scams emerge in the market, and how these scammers are able to exploit interest in virtual currencies. The FTC’s workshop will also focus on discussing the ways in which consumers can be protected by scams in the crypto industry. 

The Takeaway

As mentioned, scams and fraud are not new in the industry. On April 25, the Winklevoss twins disclosed that they had hired Nasdaq for market surveillance for both BTC and Ethereum (ETH). Also in April, both the Chinese and South Korean governments shut down two organization groups who were promoting crypto scams. Then, as mentioned, the world saw Martin Lewis file a suit against Facebook over crypto scams. Now, we have the FTC trying to solve the problem.

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Moving forward, the corporate world is going to have to figure out a better way of handling these scams. The idea of the FTC hosting an educational workshop on the matter is a great start, though. What do you think?

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